Recently, the Shiba Inu Coin has taken a back seat. Because Dogecoin, in particular, experienced a significant lot of buzz during the most recent market rally and Elon Musk’s acquisition of Twitter, massively increasing its price. As a result, the dramatic rise in Shiba Inu prices was much less noticeable. But will the Shiba Inu course blow up again in 2023? This article is all about Shiba Inu price prediction. Let’s take a look at it in more detail.
What is the Shiba Inu Coin?
The Shiba Inu cryptocurrency is one of the meme coins. These are based on speculation currencies with no particular function that investors purchase for fun. The Shiba Inu Coin is a parody of Dogecoin, the world’s first meme coin.
Dogecoin was the first meme coin to deride Bitcoin. The Shiba Inu dog has now embraced the Dogecoin meme, converting the confused Shiba Inu dog into an assertive Shiba Inu dog for its own cryptocurrency. Shiba Inu utilizes the cutting-edge and reliable Proof-of-Stake consensus mechanism. As a result, the Shiba Inu Coin can also be utilized for rapid and effective transactions.
How did the Shiba Inu fare in 2022?
Shiba Inu Price Prediction: SHIB/USD Weekly chart showing the price – GoCharting
Shiba Inu prices have dropped dramatically in recent months. As a result, the price skyrocketed in 2021, achieving $0.00008845. Since the beginning of 2021, there has been a rise by a factor of 8000. That after the price explosion, the Shiba Inu price began to decrease abruptly in November.
The Shiba Inu price was only 0.000033 dollars at the turn of the year 2021/2022, having already dropped by more than 50%. The price continued to fall in the months that followed. The Shiba Inu price fell to $0.000008 in mid-June. Since its all-time high, the price has dropped by more than 90%.
Shiba Inu (SHIB) prices have risen significantly in the last two weeks. Altcoin prices soared after bitcoin cracked the $19,000 to $20,000 range at the end of October. One of the most substantial growth was seen in the Shiba Inu Coin. The price went up from $0.00001 to $0.000014 at its peak.
Shiba Inu coin experienced one of the most powerful rallies among top cryptocurrencies, with a 40% increase. As a result, we have seen smaller losses in recent days. Above all, the price increase of the Shiba Inu was overshadowed by the price increase of Dogecoin, which more than doubled.
What caused the SHIB to skyrocket?
The sharp increase in the price of the Shiba Inu Coin was primarily due to the Bitcoin price breaking above $ 20,000. The market interpreted this move as an extremely positive signal. A Shiba Inu’s value can always skyrocket in the short term, especially as a meme coin.
The massive price increase of dogecoin has undoubtedly pushed the other meme coin even further. Nonetheless, Dogecoin received a lot of attention. Its rise was fueled once again, above all, by Elon Musk’s takeover of Twitter. Shiba Inu benefited indirectly as well.
What will the Shiba Inu price look like in 2023?
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Most cryptocurrencies had a difficult year in 2022. By mid-year, the bear market was in full swing, and the coins had lost between 75 and 95 percent of their value. Meme coins such as Dogecoin and Shiba Inu Coin have lost more than 90% of their value since their all-time highs.
Nevertheless, the year 2023 may be another good one for cryptocurrencies. Even though the second year after the conclusion of a bull market is still broadly referred to as a bear market, historical evidence indicates that cryptocurrencies saw bigger results in this second year. The Bitcoin price skyrocketed in 2019, the second year just after the bull run that started at the end of 2017.
Can SHIB Price reach $3 in 2023?
Meme coins are more likely to make extremely large gains in a short period. Big gains are possible if market circumstances are favorable and a meme coin can trigger FOMO through short and sharp rises. The Shiba Inu is once again in the shadow of Dogecoin. We can expect a substantial upsurge in the coming months as a result of this scenario.
If the Bitcoin price can rise sharply again in 2023, a new increase in the Shiba Inu cannot be ruled out. If Shiba Inu is heavily advertised again on social media, its price could be multiplied, particularly during this phase. A tenfold increase is extremely optimistic. Yet, history demonstrates how quickly these meme coins can rise.
Is it worthwhile to invest in the SHIB right now?
The Shiba Inu (SHIB) could be a good investment in the coming weeks. We should point out that meme coins are even riskier than regular coins. As a result, we only recommend that a meme coin comprise a minor portion of a crypto portfolio. Meme coins, such as the Shiba Inu coin, are a good investment opportunity in addition to Bitcoin, Ethereum, and other altcoins.
If you want to invest in the Shiba Inu Coin, only invest what you can afford to lose. A diversified portfolio of various cryptocurrencies is also advised.
How to Buy Shiba Inu on Coinbase?
Shiba Inu currency can be purchased and sold on Coinbase, a reputable exchange. You will always have control over your SHIB assets. Your SHIB never leaves your account; you only receive rewards while Coinbase keeps your cryptocurrency safe.
To begin buying and trading SHIB tokens, simply purchase them on Coinbase or add them from an external wallet to your Coinbase account. Begin by creating a Coinbase account using this link right now.
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